- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-30T14:37:00
Federal banking regulators continue to put forward proposed rulemaking after a series of mid-sized bank failures earlier this year exposed apparent gaps in the U.S. regulatory system.
The Federal Deposit Insurance Corporation (FDIC) announced three requests for comment Tuesday regarding rule proposals and guidance largely aimed at curbing the risk of contagion in the event of a massive bank failure, like the ones that occurred at Silicon Valley Bank, Signature Bank, and First Republic Bank in the spring.
The first notice of proposed rulemaking would strengthen the existing resolution planning requirements for insured depository institutions with at least $100 billion in total assets. The proposal would require a resolution submission from covered institutions every two years, with resolution plans expected to incorporate lessons learned from previous plan reviews, among other information.
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New York Community Bancorp, a mid-sized bank struggling with precarious commercial loans and troubles with its acquisition of the failed Signature Bank last year, named a new chief risk officer and chief audit executive.
Federal banking regulators issued a long-promised framework that provides guidance on the safe and sound management of climate-related financial risks at large banks.
Bank examiners from the Office of the Comptroller of the Currency are focusing their supervision attention on how banks manage risks that brought down three mid-sized financial institutions earlier this year.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
